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IN RE SACO LOCAL DEVELOPMENT CORP.

Bankruptcy Nos. 281-00151 to 281-00154.

10 B.R. 649 (1981)

In re SACO LOCAL DEVELOPMENT CORP., Leather Comfort Corporation, Kirstein Leather Co., d/b/a Saco Tanning Corp., Kirstein Split Corporation, Debtors. SACO LOCAL DEVELOPMENT CORP., Leather Comfort Corporation, Kirstein Leather Co., d/b/a Saco Tanning Corp., Kirstein Split Corporation, Plaintiffs, v. ARMSTRONG BUSINESS CREDIT CORP., M. Aschheim Co., Inc., Economic Development Administration, City of Saco, Lazere Financial Corporation, Maine Guaranty Authority, Mutual Life Insurance of New York, Defendants.

United States Bankruptcy Court, D. Maine.

April 14, 1981.

Attorney(s) appearing for the Case

Gerald S. Cope, Portland, Me., Alan L. Lefkowitz, Gaston, Snow & Ely Bartlett, Boston, Mass., for debtors.

George Marcus, Pierce, Atwood, Scribner, Allen, Smith & Lancaster, Portland, Me., Jon D. Schneider, Goodwin, Procter & Hoar, Boston, Mass., for Armstrong Business Credit Corp. and Lazere Financial Corp.

Frederick G. Fisher, Jr., Mark Polebaum, Hale & Dorr, Boston, Mass., for M. Aschheim Co., Inc.

F. Mark Terison, Asst. U.S. Atty., Portland, Me., for Economic Development Admin.

Ronald Ayotte, Saco, Me., for City of Saco.

Charles H. Abbott, Lewiston, Me., for Maine Guaranty Authority and Mut. Life Ins. of New York.

Andrew Cadot, Portland, Me., for J.W. Penney & Co.

Gregory Tselikis, Charles Miller, Bernstein, Shur, Sawyer & Nelson, Portland, Me., for Creditors' Committee.

U. Charles Remmel, III, Kelly, Remmel & Zimmerman, Portland, Me., Barry M. Portnoy, Sullivan & Worcester, Boston, Mass., for NKL Tanning.

P. Benjamin Zuckerman, Verrill & Dana, Portland, Me., for Saco Leather.

MEMORANDUM DECISION

FREDERICK A. JOHNSON, Bankruptcy Judge.

These Chapter 11 Debtors filed their voluntary petitions on March 26, 1981 and orders for relief under Chapter 11 were entered on that date. Joint administration of the estates for procedural purposes has been ordered. On the same date the Debtors filed a Complaint to Sell most of their assets free and clear of certain liens and encumbrances and subject...

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